How to Grade Coins Yourself: MS-63, PR-65, PF70 — Decoded

Learning how to grade coins yourself is the most critical skill you can develop as a collector or investor. The difference between a grade of MS-63 and MS-65 can mean hundreds, even thousands, of dollars in value. Terms like MS-63, PR-65, and PF70 might seem like a secret code, but they are simply a standardized language for describing a coin’s condition. This definitive guide will empower you to grade coins yourself with greater confidence, decode the terminology used by professional services, and ultimately make more informed buying decisions for your collection.

Why Learning to Grade Coins Yourself is Essential

Before you can accurately grade coins yourself, you must understand why it’s so important. Coin grading directly determines market value. A coin graded MS-63 will sell for a significantly different price than the same coin in MS-65. By developing this skill, you protect yourself from overpaying for overgraded coins, identify undervalued pieces in the market, and gain the confidence to buy raw coins (uncertified coins) that you can later submit for professional grading. It transforms you from a passive buyer into an knowledgeable numismatist. For a foundation on what makes coins valuable, read What Makes a Coin “Rare”?.

The Sheldon Scale: The Foundation of All Coin Grading

The universal standard to grade coins yourself is the Sheldon Scale, which ranges from 1 to 70. A grade of 1 (PO-1) represents a coin that is barely identifiable, while a grade of 70 represents a perfect coin with no post-production flaws whatsoever, even under 5x magnification. The most common grades for collectible coins fall between About Good (AG-3) and Mint State (MS-70). The scale is divided into categories:

• Circulated Grades (1-59): These grades describe wear from being used in commerce. Includes designations like Good (G-4), Very Fine (VF-20), and Extremely Fine (EF-40).
• Uncirculated/Mint State Grades (60-70): These grades describe coins that never entered circulation and thus have no wear from handling. This is where the MS (Mint State) prefix is used.

Decoding the Prefixes: MS, PR, SP, and PF

When you grade coins yourself, the numeric grade is only half the story. The prefix tells you the coin’s type and striking process.

• MS (Mint State): Used for business strike coins that were intended for circulation but were never used. They have no wear. An American Gold Eagle coin BU is typically graded in the MS range.
• PR (Proof) / PF (Proof): These terms are interchangeable and describe coins struck with specially polished dies and planchets on slower presses, resulting in a mirror-like background (field) and frosted design (devices). Proof coins are collected for their beauty. A perfect example is the First Amendment Platinum Proof Coin.
• SP (Specimen): A less common designation for coins that have a finish that is not quite proof but is sharper than a regular business strike.

What MS-63 Really Means: The Benchmark Grade

An MS-63 grade is known as a “choice uncirculated” coin. When you grade coins yourself and assign this grade, you are saying the coin has no wear but has a significant number of contact marks, bag marks, or hairlines for a Mint State coin. The marks are noticeable to the naked eye and may be distracting, but the coin still retains its original mint luster. Many classic coins, like the Morgan Dollars MS-63 NGC we offer, are commonly found in this attractive, mid-tier grade that offers great value.

What PR-65 / PF70 Means: The Pursuit of Perfection

Proof coins have their own grading standards. A PR-65 coin is a superb proof with nearly full mirroring and only minor imperfections visible under magnification. A PF70 or PR70 grade, however, is the ultimate designation. It means the coin is flawless under 5x magnification—no ticks, hairlines, or spotting. This grade is exceptionally rare and commands a massive premium. Modern perfect-grade coins, like a Proof American Gold Buffalo PR70, represent the pinnacle of quality and are a safe haven for high-value investments.

Step-by-Step Guide to Grade Coins Yourself

Follow this process to systematically grade coins yourself. You will need a good light source, a magnifying loupe (5x to 10x), and cotton gloves.

1. Identify the Strike: Determine if it’s a business strike (MS) or proof (PR).
2. Check for Wear: Examine the highest points of the design (e.g., the hair on a Morgan dollar) for any smoothing that indicates circulation. No wear means it’s uncirculated (MS 60-70).
3. Evaluate Surface Preservation: Look for contact marks, scratches (hairlines), bag marks, and any other imperfections. Their quantity and severity will determine the grade within the MS or PR range.
4. Assess Luster: Is the original mint luster full and undisturbed? Dull or impaired luster will lower the grade.
5. Consider Eye Appeal: This is subjective but important. Is the coin attractive? Are the marks distracting? Is the toning (if present) pleasant?
6. Assign a Grade: Compare your observations to published grading guides and photo benchmarks from PCGS Photograde.

Common Mistakes to Avoid When You Grade Coins Yourself

As you learn, be aware of these pitfalls. Misidentifying harmful toning or cleaning as natural patina is a major error. Harshly cleaned coins lose most of their numismatic value. Also, don’t confuse strike with wear; a weakly struck coin (common on some Morgan dollars) is not a worn coin. Finally, avoid “gradeflation”—the tendency to be overly generous. Be conservative in your assessments. For more on pitfalls, see 5 Mistakes New Bullion Buyers Make.

When to Trust the Pros: PCGS and NGC

While learning to grade coins yourself is vital, there is no substitute for professional certification for valuable coins. Third-party graders like PCGS and NGC provide impartial assessment, guarantee authenticity, and encapsulate the coin to preserve its grade. This is essential for liquidity and insurance purposes. For high-value purchases, such as the 1876 Indian Head Gold Dollar PR-65, the cost of professional grading is a wise investment. We explore this in Investing in Graded Coins: PCGS vs NGC.

Tools of the Trade for the Serious Collector

To accurately grade coins yourself, equip yourself with the right tools:

• Loupe (5x-10x Magnification): For inspecting fine details.
• Soft, Neutral Light Source: Harsh light creates glare; a flexible LED lamp is ideal.
• Cotton Gloves: To handle coins without transferring oils from your skin.
• Grading Books and Online Resources: The NGC Grading Scale and PCGS Photograde are indispensable references.

Mastering the Art of Coin Grading

The ability to accurately grade coins yourself is a journey that takes time and practice. Start by examining certified coins in holders, comparing them to their assigned grades. Handle raw coins carefully and consistently apply the Sheldon Scale criteria. This knowledge empowers you to build a better collection, whether you’re selecting a classic graded Morgan Dollar or a modern masterpiece. It is the key to unlocking the true value and beauty hidden in every piece.

Further Learning from Authority Sites

To continue your education in coin grading, we recommend these expert resources:

• PCGS Photograde Online: An interactive tool to view coins at all grades.
• NGC Detailed Grading Scale: A comprehensive breakdown of every grade level.
• U.S. Mint Coin Specifications: Official information on U.S. coin designs and specifications.